| Life insurance companies are among the
largest holders of unclaimed money. More than
one-quarter of all life insurance policy benefits go
unclaimed and unpaid on death of the insured, due to
long dormancy periods and because family members
aren't always aware a policy exists. {Generally it is
the job of the beneficiary to notify the insurer of a
policy owner's death.} Most state statutes don't
presume abandonment of benefits until some number of
years after the insured would have attained the
limiting age under the mortality table on which
reserves are based, typically 100-115 years. There is
no central repository or clearinghouse for unclaimed
life insurance policies, and virtually no effort is
made to find lost beneficiaries.
Note also
millions of current and former
MetLife, John Hancock,
Prudential and Principal
Life policyholders and heirs
and others are entitled to receive stock, policy credits and/or cash
payments in addition to policy benefits as a result of the recent
demutualization of these companies. (Go to:
www.demutualization-claims.com for
more information)
Some further
investigation, therefore, is often necessary to trace
and recover a lost life insurance policy or unclaimed
life insurance benefit. If you
have reason to believe a policy existed but haven't
received payment, initiate an unclaimed property
search and follow up with major underwriters
directly. Complete the form below to order our
Special Report: Unclaimed Life Insurance Policy Benefit
Search
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